Stay Black and Die: The Family’s Guide to Estate Planning

Greetings,

If you find yourself reading this book, you are likely considering an estate plan. Just picking up this book is a step in the right direction. By the title it may seem like this book is only for black people; this is only partly true. This book is for black people and any other people looking to gain knowledge on estate planning and secure their family legacy. . Too often, topics like estate planning aren’t taught and passed down, leaving generations misinformed and stuck with no plan to deal with whatever life throws at them. This book is written from the viewpoint of someone looking to change the narrative of their families future. That someone would be me. 

My name is Jeremy Sims and I am a father, husband, son, uncle, brother, cousin, friend and estate planning attorney. With a background in the music industry, I started as an entertainment lawyer and also focused on small businesses. One common phrase that always rang out from my clients was “GENERATIONAL WEALTH”.  Most had the ploy to build the wealth, but none had the plans on how to pass it on to the next generation. So after much research and council from numerous mentors, my estate planning career was born and in due course this book was conceived. In this book you will be introduced to the Sims Legal way of estate planning built on family values and a lasting relationship.

Enjoy the read and I hope you learn something. My only ask is that whatever you learn, you share it with someone else.

Intro

Embarking on the journey of estate planning is like drafting the movie script for the legacy you leave behind. You pick the main characters, you pick the setting, you pick the director and most importantly, you pick the ending. Think of this pamphlet as your guide through the basics of estate planning or the outline of the  script to your legacy. 

Scene 1: Define Your Assets

First things first, take inventory of your assets. 

An asset is any useful or valuable thing, person or quality. 

So your home, investments, savings, businesses, your insurance policies and even that classic/broken down car you cherish and won’t get rid of - list them all. Even if you are still paying notes on an asset, list it. 

Things of sentimental value should also be listed, such as photographs, jewelry, family heirlooms, and etc. Knowing what you have is the foundation of a solid plan.

Probate

Before we go any further, I must introduce the topic of probate.  Probate is the state's estate plan for you. Probate is the big company coming in and taking over your movie and leaving you with less value and control than you bargained for.

If you do not make a plan, every state has rules in place that plan how your assets will be distributed.  As an attorney that has practiced probate, I do not see probate as the state doing you and your family a favor; instead, I see probate as a process that ensures creditors and/or bad actors a chance to take from your estate. 

The probate process can be avoided by setting up a trust which will be talked about more in the trust scene.

Scene 2: Cast Your Team

When we think about those who will be a part of our plan, naturally we think about those who will play the star roles by inheriting and benefiting from your legacy. Whether it's family, friends, charitable organizations or even a furry friend, most of us already have someone in mind to fill those roles. 

Heirs = Those who automatically get your assets if there is no will.

Beneficiaries = Specifically named in your estate plan.

What about the stage manager(s); such as Executor(s), Trustee(s), potential Guardian(s) for you or your minor or special needs children, and successors to all of aforementioned roles.  These will be the people you will put in charge of making decisions when you can no longer make decisions for yourself.

Also, don't forget about the haters! We will name them as being “Disinherited”  to make sure they don’t receive a dime of your assets.

Be deliberate and clear in your choices.

Scene 3: The Power of a Will

Think of your will as the script of your life beyond death. This foundational document outlines your wishes regarding the distribution of your assets, the appointment of guardians for minors, and the nomination of an executor to ensure your directives are carried out. Think of it as the cornerstone of your legacy.

Don't leave your story to chance. 

Scene 4: Bring in the Trust Factor

A trust can also be considered the script of your life beyond death, but with much more detail, control and protection. Trusts offer a dynamic framework for asset distribution, flexibility, privacy, and tax benefits as well as protection from creditors and lawsuits. For example, a trust can hold funds in a trust account until your child or grandchild completes college. Trusts are also a great way to provide continuous support for those with special needs and long-term care needs. Explore the various types of trusts to sculpt a legacy that endures through generations by setting up a consultation with Sims Legal Consultancy firm, PLLC.

Scene 5: The Supporting Cast - Powers of Attorney - Financial & Healthcare 

These documents ensure that your chosen representatives can act in your best interest when the spotlight is on them. It is important to designate trusted individuals to handle your financial affairs and make medical decisions on your behalf if you are unable to. 

Who would Granny want in charge of her finances if she were no longer able to perform those tasks??  Who would you want the doctor to communicate with if you were not able to make those decisions??

In Texas, a durable power of attorney can be signed at any time before incapacitation and does not give any power over until needed.

Scene 6: The Unexpected Scenes - Living Will and Advanced Healthcare Directives

Prepare for unforeseen health challenges by clearly articulating your preferences regarding medical treatment. These documents serve as your voice, guiding healthcare professionals when you cannot express your wishes. These are literal life or death decisions. Be sure to designate someone you trust to make medical decisions on your behalf. It's your script for the unforeseen scenes. 

Scene 7: Tax Credits - The Hidden Gems

Explore tax-saving strategies. The government provides incentives for smart estate planning. Discover these hidden gems to maximize what you leave behind.

Behind The Scenes

The plan that you build is not only important to you, but it could be even more important for the people it is left to. At Sims Legal, we want to make sure those in your plan are being considered at all times. Who wants to leave everything they worked hard for to someone who knows hardly anything about who you are, let alone your values and beliefs and how you would like them to proceed?

At Sims Legal,We encourage our families to make a mission and vision statement. We also ask the creators of the plan to make a video message for their family.  This video is not only a keepsake for your family, but an opportunity for you to introduce yourself to the generations to come that will benefit from the wealth that you created and planned.

Conclusion: Your Legacy, Your Masterpiece

Remember, estate planning is not just for the wealthy or just for the majority; it's for anyone who wants to be the author of their own legacy. By taking charge of your narrative, you ensure that the legacy you’ve built continues to inspire and provide for those you care about.

WRITE YOUR OWN SCRIPT!!!

Stay black and die my people.